The company will use the funds to enhance digital communication channels for financial institutions. Here are the top-line bullets you need to know.
Eltropy, a messaging platform for financial institutions, has raised $21M in a Series A that drew participation from K1 Capital, among other investors.
How’s the company performing?
- California-based Eltropy enables financial institutions like credit unions and banks to engage digitally through its platform. The company integrates with IT systems like Symitar and Ellie Mae, using analytics to provide engagement insights.
- The company boasts a 5x conversion rate and counts more than 200 financial institutions as clients.
Why does the market matter?
- The global customer communications management market is projected to grow at a CAGR of 11.2% and reach a value of $2.2B by 2026, as per Markets and Markets.
- The rising demand for immediacy from financial institutions and the need to automate manual communication and workflow due to Covid-19 has led to the growth of the industry.